President Joe Biden declares comeback of US manufacturing at the site of mammoth TSMC chip plant in Arizona
Biden used the visit to emphasise how his policies foster job growth in what could be a challenge to the incoming Republican House majority.
Biden clearly hoped to get political credit for the investment influx, pointing to the effect of his signature CHIPS Act, which sets aside almost $53 billion for subsidies and research in the semiconductors sector. The twin plants "could meet the entire US demand for advanced chips when they're completed. That's the definition of supply chain resilience," Ronnie Chatterji, National Economic Council deputy director for industrial policy, told reporters.
"Over 30 years ago, America had more than 30 percent of the global chip production. Then something happened," he said.
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